NEWS

GM has CALLED OFF the sale of its European Vauxhall and Opel operations in a shock industry move. The news broke late on Tuesday 3 November. GM says it is because of an improving set of trading results over the past few months, which means it can now justify keeping the brands. The firm also [...]

BBC News is reporting a deal has been done to save BOTH of Vauxhall’s car production plants in the UK. The Unite union, it says, has done a deal with new owners Magna, one which also ensures there are NO compulsory redundancies. Deal terms include a two-year pay freeze and other cost-cutting initiatives, but in [...]

EU competition commissioner Neelie Kroes is looking into the proposed sale of Vauxhall/Opel to Magna. After a meeting in the European Parliament, Vicky Ford MEP said the commissioner was to seek more information, on: •    Relative efficiencies of Opel/Vauxhall plants •    Further details on possible implications of the proposed deal This is to address concerns [...]

GERMAN newspaper Frankfurter Allgemeine Zeitung has seen leaked documents, detailing Vauxhall job cuts. According to the paper, 30 percent of Vauxhall’s two-plant UK workforce is to be cut. This equates to around 1400 jobs – with the biggest cuts to occur at the firm’s Luton van-making plant. Overall, new owners Magna are going to cut [...]

GM has now officially announced its board has agreed to sell a 55% stake in Vauxhall to Magna. The board of directors ‘supports a bid from the consortium of Magna International Inc and Sberbank to buy a majority stake in its European Opel/Vauxhall operations.’ Binding agreements, however, won’t be concluded for another few weeks. Items [...]

FIAT may be about to RENEW its bid to take over General Motors’ Vauxhall and Opel divisions, come reports. Italian newspaper La Repubblica reckons that, such are the issues with the bids from Magna and RHJ, GM may well reconsider a new approach from Fiat. The two have already worked closely together in the past, [...]

GM’s impending announcement, over the future of Vauxhall and Opel, has been keeping me busy. An announcement was expected Friday. Indeed, an announcement DID COME on Friday. But it was not the announcement key parties were hoping for. The GM Board decides, well, not to make a decision. That was the gist of it. Cue [...]

VAUXHALL may discover who its new owner is today, as reports emerge that GM is nearing a decision. Industry sources are buzzing with speculation that the GM Board will meet on Friday 21 August, to finalise which of the two front-runners – Magna and RGA – will get the nod of approval. While Magna was [...]

GM Group vice president John Smith has taken the unusual step of speaking out on the sale of Vauxhall. Following what he describes as ‘misleading’ coverage regarding the sale of GM Europe, Smith has clarified proceedings to date: •    Best and final offers received on July 28 •    Input from German and other European Governments, [...]

GENERAL Motors has so far failed to reach a decision on to whom it’s going to sell its European operations. But it has confirmed that the future owners of Vauxhall should either be Magna International or RHJ. ‘We have agreed to continue detailed talks with both Magna and RHJ to secure Opel’s future,’ said GM [...]

VAUXHALL owner General Motors has received THREE final offers for its European car business. They come from RHJ International, Beijing Automotive Industries and Magna International. But hadn’t Magna already won the deal? Seems not. Despite an announcement back in May, that Magna had triumphed, the deal is now less of a dead cert. That’s despite [...]

VAUXHALL’S future has reportedly been secured, as a deal was reached to save parent firm GM Europe. Canadian parts giant Magna will buy GM Europe, owners of Vauxhall and Opel, from pressured US parent GM Germany’s government will provide loans of £1.3 billion, and Magna will invest over £430 million. The car parts maker is [...]

MAGNA International has agreed in principal to buy GM Europe – owners of Opel and Vauxhall. The deal still needs to be agreed with the German Government, reports the breaking news on the BBC. But, word is that the Canadian automotive industry giant has finally reached an agreement with General Motors. The BBC reports more [...]

GOVERNMENT ministers could give cash aid to Vauxhall, if it helps secure the car maker’s UK future. The BBC reports that Lord Mandelson has ‘not ruled out making a financial contribution’. Reports come as the German Government nears announcing a preferred bidder for Vauxhall’s partner, Opel. BBC sources report that four firms are in the [...]

FIAT chiefs are meeting with German Government ministers TODAY to talk about an Opel takeover. This means that, for the first time, Fiat’s much-rumoured interest in the European giant is official. Fiat boss Luca di Montezemolo (he of Ferrari pit wall fame) said Opel would be an ‘ideal partner’, reports BBC News. Creating, he continued, [...]

TROUBLED US car maker Chrysler faces a race against time to secure a bailout, or risk hitting bankruptcy. Sources from the US suggest it has just days to secure funds – as proposed saviour Fiat Auto starts looking to Europe’s GM offshoot, Opel. That wouldn’t stop a Fiat-Chrysler alliance; Fiat would use terms of the [...]